PSU OMCs gain after hiking diesel price

Shares of three public sector oil marketing companies rose by 0.56% to 2.5% at 10:48 IST on BSE after announcing hike in diesel price effective 16 October 2015.

BPCL (up 2.5%), Indian Oil Corporation (up 0.56%) and HPCL (up 1.68%) edged higher.

Meanwhile, the S&P BSE Sensex was down 23.86 points or 0.09% at 26,986.28

Indian Oil Corporation (IOCL) announced increase in the retail selling price of diesel by Rs 0.95 per litre at Delhi (including State levies) with corresponding price revision in other states. With the latest revision, the price of diesel in Delhi stood at Rs 45.90 per litre. IOCL made the announcement after market hours yesterday, 15 October 2015.

IOCL said that the current level of the international prices and INR-USD exchange rate warrant a price increase, which is being passed on to consumers with this price revision. The movement of prices in international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes, IOCL said.

PSU OMCs review fuel prices during the middle of the month and on the last day of the month based on the average imported oil price in the preceding fortnight.

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